August 2020 Housing Market Update
It’s already that time of year again😮, kids are going back to school(virtually or in-person) which signals the start of the Fall🍂 market for real estate. We have most likely hit the peak demand as well as supply 📈and over the coming weeks and months, we will see a gradual decrease 📉 in home buying and selling activity because many families don’t want the stress and distractions of trying to buy or sell a home now that the school year has started.
Compared to last month, inventory and demand haven’t changed dramatically. Inventory is still dropping slightly 📉week-to-week while demand is just slightly increasing📈. Last month, we were in the hottest 🔥seller’s market we’ve been seen in over 8 years🤯 and that is still where we are today. The housing market has been one of the bright spots in the economy during the pandemic and as of this week, all three sectors(purchase applications, homes sold, and home starts) have made a quick V-shaped recovery and the data shows that Covid-19 is no longer having a significant impact on buyer or sellers...
